San Francisco, California, March 5, 2015 (GLOBE NEWSWIRE) -- The global collision avoidance sensors market is expected to reach USD 10.01 billion by 2020, according to a new study by Grand View Research, Inc. Updated ratings of safety agencies and incorporation of anti-collision sensors in mass-market models is expected to propel market growth over the next six years. Increasing awareness among consumers and extensive R&D by market players has fueled market growth. Collision avoidance sensors enable vehicles to carry out semi-autonomous and autonomous decision making. Rising need for security from consumers and governments is also expected to drive collision avoidance sensors market growth.
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Recent developments in sensor technology are oriented towards making devices more sophisticated and augmenting them with various parts of an automobile. Anti-collision sensors enable automotive OEMs to integrate more intelligence in order to achieve the goal of an autonomous car. Strict legal and regulatory standards have mandated inclusion of sensors in motor vehicles; this is further estimated to drive the collision avoidance sensors market. However, high cost of long-range radar and LiDAR-based sensors may restrain market growth as low-price carmakers may abstain from adding onto the cost of vehicles.
Further key findings from the study suggest:
- Radar-based sensors accounted for over 35% of the global market in 2013; the segment is further expected to gain market share over the forecast period. Falling prices of radar have led to increased adoption of the technology by various automotive OEMs. Camera-based collision avoidance sensors are expected witness high growth, owing to government regulations mandating their incorporation into vehicles.
- Adaptive cruise control accounted for majority of the market share in 2013. Such systems rely on long-range radar sensors as well as medium and short range radar to automatically adjust the vehicle's speed. Technological innovation may make their incorporation a standard in vehicles to counter the threat of accidents due to human error, which is the cause of 90% of all accidents according to a 2014 UN Road Safety Collaboration study.
- Europe is expected to continue being the market leader over the forecast period; it accounted for over 30% of the market in 2013. Asia Pacific is expected to be a fast growing regional market over the forecast period due to low manufacturing costs and rising auto sales in the region.
- Key industry participants include Bosch, Continental, Delphi, Denso, Autoliv, TRW, etc. Major vendors differ on the basis of their pricing and system integration. Market players invest heavily in R&D to offer cost-effective and differentiated collision avoidance sensors to automotive OEMs and aftermarket.
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For the purpose of this study, Grand View Research has segmented the global collision avoidance sensors market on the basis of technology, application and region:
Collision Avoidance Sensors Technology Outlook (Revenue, USD Million, 2012 - 2020)
Collision Avoidance Sensors Application Outlook (Revenue, USD Million, 2012 - 2020)
• Adaptive Cruise Control (ACC)
• Blind Spot Detection (BSD)
• Forward Collision Warning System (FCWS)
• Lane Departure Warning System (LDWS)
• Parking Assistance
Collision Avoidance Sensors Regional Outlook (Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
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